What Australia APRA Prudential Standard CPS 220 - Risk Management Framework requires
APRA Prudential Standard CPS 220 Risk Management (updated January 2023) requires all APRA-regulated entities - authorised deposit-taking institutions (ADIs), general insurers, life insurers, private health insurers, and RSE licensees (superannuation) - to maintain a Risk Management Framework (RMF) commensurate with the nature, scale, and complexity of their operations. The RMF must include a Board-approved Risk Appetite Statement (RAS), a three-lines-of-defence model, dedicated risk management function with direct Board reporting access, annual internal audit of the RMF, at least annual stress testing, and documented business continuity and crisis management plans. APRA supervises compliance through annual reporting, supervisory dialogue, and prudential reviews.
Pillar: Banking & Global Finance · Authority: Australian Prudential Regulation Authority · Version: 1.0.1 · Last updated:
Primary source: https://www.apra.gov.au/sites/default/files/Prudential-Standard-CPS-220-Risk-Management-(July-2017).pdf
SHA-256 integrity: 2970338be3c3f6e73739ab59552b31ca31d358bc48e0f31ec6ca633403a2a121
Primary Citations — 5 traced to source
- §§20-24 (RMF requirements), §§25-28 (Risk Appetite Statement), §§29-35 (three lines of defence), §§36-40 (stress testing), §§45-50 (APRA reporting) — APRA Prudential Standard CPS 220 Risk Management (updated January 2023)
- Proportionality guidance for small entities; three lines implementation examples; RAS design principles; stress scenario selection — APRA Prudential Practice Guide CPG 220 - Risk Management
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